# Table 6: KAOPEN Gating — Demographics × Capital Openness

| Variable | gross_assets | gross_liab | gross_ifi | nfa | ca | income_balance |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | -87.5207 | 53.9999 | -33.5208 | -0.0891 | -0.2902 | 40.9574*** |
| | (325.3436) | (318.1002) | (625.6581) | (0.2315) | (12.4240) | (15.5493) |
| Z_2 | 36.1099 | 14.6537 | 50.7636 | 0.0198 | 0.4165 | -6.3453*** |
| | (49.7021) | (48.5956) | (95.5806) | (0.0350) | (1.8889) | (2.3588) |
| Z_3 | -1.7290 | -0.9386 | -2.6676 | -0.0010 | -0.0298 | 0.2654*** |
| | (2.0743) | (2.0281) | (3.9890) | (0.0014) | (0.0781) | (0.0972) |
| Z_1_x_kaopen | -39.5353 | 19.8826 | -19.6527 | -0.2360 | 5.3876 | -14.1541* |
| | (123.8695) | (121.1117) | (238.2095) | (0.1496) | (7.5639) | (8.5561) |
| Z_2_x_kaopen | 4.5383 | -6.8562 | -2.3179 | 0.0377* | -0.9245 | 1.7651 |
| | (18.9272) | (18.5058) | (36.3983) | (0.0227) | (1.1527) | (1.3055) |
| Z_3_x_kaopen | -0.1175 | 0.4096 | 0.2921 | -0.0016* | 0.0415 | -0.0626 |
| | (0.7811) | (0.7637) | (1.5021) | (0.0009) | (0.0474) | (0.0537) |
| fiscal_bal_gdp | -0.1844 | -0.6731** | -0.8575 | 0.0112*** | 0.5224*** | 0.0631** |
| | (0.2836) | (0.2773) | (0.5454) | (0.0010) | (0.0348) | (0.0273) |
| nfa_gdp_lag | -17.5818*** | -17.2704*** | -34.8522*** | 0.9134*** | 0.1198 | -0.5964*** |
| | (2.7216) | (2.6610) | (5.2339) | (0.0051) | (0.2270) | (0.2205) |
| log_rel_opw | -43.5734*** | -35.1283*** | -78.7017*** | 0.0002 | 2.2744*** | -3.2739*** |
| | (10.6061) | (10.3700) | (20.3963) | (0.0078) | (0.4057) | (0.5162) |
| kaopen | 11.5229** | 6.8216 | 18.3445** | 0.0127** | 0.2356 | -0.3454 |
| | (4.6794) | (4.5752) | (8.9988) | (0.0059) | (0.2945) | (0.3029) |
|:---|---:|---:|---:|---:|---:|---:|
| Dep var | gross_assets_gdp | gross_liab_gdp | gross_ifi | nfa_gdp | ca_gdp | income_balance_gdp |
| N | 4540 | 4540 | 4540 | 4538 | 4406 | 3907 |
| R² | -0.0143 | 0.0170 | 0.0001 | 0.9030 | 0.1866 | 0.1471 |
| Countries | 164 | 164 | 164 | 164 | 162 | 150 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*